242
THE GREEN BAG
against Perpetuities will be violated, and the duration of an indirect equitable conversion gift to a class which may be so constituted showing that it is the same as that " of the will be bad; there is, then, no reason for contract, trust, or duty which brings it into sustaining the direction to postpone in the existence, or more strictly it is the same as interest of increasing the class, and the pro that of the right which such contract, trust, vision is inoperative." This at first sounds or duty creates to have an actual conversion as if it were in direct contravention to the made, for a contract may be conditioned on principle announced in §629 that " every future performance while the right exists at provision in a will or settlement is to be con once." There is little doubt when an indirect strued as if the Rule did not exist, and then to equitable conversion begins, but the time the provision so construed the Rule is to be when it ends is much less certain. In case remorselessly applied." A reference, how of a contract for the purchase and sale of ever, to §442a seems to indicate that the result land the equitable conversion in favor of each approved in §12 ib is reached not alone be party to the contract will come to an end cause to let the class increase would make the whenever the contract comes to an end. It gift void for remoteness, but because the gift will end in favor of either party by a total to the members of the class born at the testa breach of the contract being made or by his tor's death and those born afterwards, com losing the right to enforce the specific per pose two distinct groups which are separated formance of it. A conversion created by a by the express language of the testator. covenant trust or duty to purchase and settle Hence the too remote gift to afterborn mem land is seldom put an end to in either of these bers of the class is rejected, leaving the gift ways, but may be ended otherwise than by to the other group, which is valid, to stand. performance of the covenant, trust, or duty, This express separation of the two groups of as for example by a complete exhaustion of the class is apparently to be found in the the gifts which are to be made of the land words " to be paid at twenty-five." If, how purchased. ever, the gift to the afterborn members of the "The conclusion, therefore, is that every class were in the same way contained in the equitable conversion caused by a covenant, words " who reach twenty-five " in such limi trust, or duty to lay out money in the pur tations as to the " grandchildren of the testa chase of land, and to settle the land, will tor who reach twenty-five " the learned necessarily come to an end as soon as there author admits that there could be no separa ceases to be any person who is entitled to tion of the gifts. (§§205a, 373-374.) It seems have the money laid out in the purchase of a fair criticism of that portion of §i2ib here land, and to have the land conveyed to him specifically referred to, to say that the learned for an estate for life or in tail in possession. author has not expressed the reasoning upon "The equitable conversion caused by a which the result is based as happily as usual. covenant, trust, or duty to lay out money Nor has he at any place explained why the in the purchase of land and to settle limited class of grandchildren is separable by the interests in the land, will also come to an end express language of the testator any more whenever any person shall acquire an abso in the case where the gift to afterborn members lute ownership of the money, though such of the class arises by virtue of the rule for the limited interests covenanted or directed to determination of classes founded upon the be settled in the land to be purchased be not words " to be paid at twenty-five " and where exhausted; and such absolute ownership of it arises by virtue of the rule for the deter the money may now be acquired by any per mination of classes from the words " who reach son, of full age and sui juris, who is entitled twenty-five." — ALBERT M. KALES. to an estate tail in possession in the land to be PROPERTY (Equitable Conversion). Prof. purchased, and to have the same purchased C. C. Langdell contributes to the March immediately." Harvard Law Review (V. xix, p. 321) the "There is, however, one class of cases in seventh and last of his series of articles upon which it is agreed by all that there will cease "Equitable Conversion." This treats of the to be any equitable conversion, though the
